Bill > S3787

This bill requires municipal tax collectors who receive payments in lieu of taxes (PILOT) under the Long Term Tax Exemption Law to directly transmit 5% of the annual service charge to the county's chief financial officer. Specifically, the bill amends existing law to mandate that within seven days of receiving an annual service charge, the municipal tax collector or finance officer must notify the municipality and county, and then promptly send the 5% county remittance directly to the county's chief financial officer. If the municipality fails to make this payment, the county can recover the unpaid balance plus interest, attorneys' fees, and court costs through legal action. Additionally, the municipal finance officer's certificate may be subject to revocation or suspension for willful failure to comply. The bill also requires municipalities to provide detailed information about each Long Term Tax Exemption Law agreement when making county tax payments, including project details, agreement dates, service charge amounts, and county remittance specifics. These changes aim to ensure more transparent and timely transmission of tax revenues to counties from properties with long-term tax exemptions.

Government Affairs, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S3787